Are fixed Term Deposits safe in Irish Nationwide?

P

Patches007

Guest
Are fixed Term Deposits safe in Irish Nationwide, given the fact that we are hearing a lot about issues with Irish Nationwide?

The following has appeared on the RTE website today: -


"The Irish Bank Officials' Association is seeking talks with Minister for Finance Brian Lenihan over the future of Irish Nationwide.
Earlier this month Irish Nationwide reported a loss after tax of €243m for last year after setting aside €464m to cover potential losses from loans."

Are existing deposits safe?

regards,

Pat
 
Re: Irish Nationwide

they are backed by the govt so are safe. even so i will be closing my account there when it matures in august as there is zero chance of a pay out
 
Re: Irish Nationwide

Could that imply that there is a chance that no interest will be paid, at maturity date?

I suppose, given the current circumstances, anything is possible.
 
Re: Irish Nationwide

My one year fixed bond is due to mature at end of month, tempted to just leave it there for another year , (rate on offer is a decent 4.5%.)

i dont doubt the governments willingness to protect all deposits in the event of the Irish Nat. becoming insolvent, however as the country is undoubtably on it's own road to insolvency i would have to question their ability to honour the protection they have given.
 
Re: Irish Nationwide

if push does come to shove the govt cant afford to pay out deposits if there was a run on the banks. not even a small precentage of it .europe would have to step in. the guarantee was only to promote confidence, it lasted a while but its slipping now again. we cud see a run on AIB soon
 
Re: Irish Nationwide

INBS regular saver now 4.6%, ECB + 3.35% until end of December 2009, rate previously guaranteed to end of March.

Clearly they need the cash flow. The INBS could end up nationalised shortly.
 
Re: Irish Nationwide

Will bondholders in Irish Nationwide be treated the same as deposit holders under the guarantee scheme?
 
Re: Irish Nationwide

I would like to find that out, also?
 
Re: Irish Nationwide

Thank you fungus for that information.

I reinvested 20,000 euro in a one year bond with Irish Nationwide at 4.65% a couple of weeks ago.

I asked the bank clerk if my investment was covered by the bank guarantee scheme and she assured me it was.

I then read an article which said only deposits were covered and not bonds, it is very confusing!
 
Re: Irish Nationwide

I Just got a repayment of a maturing bond on Monday (everything OK). Had the proceeds transferred to my current account with NIB. NIB looked for an IBAN code.

I got notification fron NIB that ther had been a lodgement to my account from an "Overseas bank" and, this was the reason for requesting the IBAN
 
Re: Irish Nationwide

Just a question about Nationwide!
I have kept a Share account 20k + in the hope of getting the pay out. I know it looks bad but is all hope of that certainly gone. Is it wise to get rid of it now.

sole
 
Re: Irish Nationwide

yes, check the savings best buys in this website and if you are earning less than the products that suit you needs move it.
 
Re: Irish Nationwide

sole said:
Just a question about Nationwide!
I have kept a Share account 20k + in the hope of getting the pay out. I know it looks bad but is all hope of that certainly gone. Is it wise to get rid of it now.

sole
Click to expand...

When is your deposit maturing? What rate do you have?
 
Re: Irish Nationwide

Acc is Advantage 30 - so 30 days notice and they say the rate must be within one percent of european rate - i see here it is now 2%
sole
 
Re: Irish Nationwide

Gosh if you have an Advantage account you are getting very poor interest - 1.65% AER at the moment. Get it out of there. Make up your mind how long you can afford to leave the money on deposit and then study the Best Buys. By the way the Best Buys needs updating re the Advantage Account.
 
Re: Irish Nationwide

Thanks for that.
So definately no hope of windfall
sole
 
ft50 why would you put 60k in the one bank. split it up
 
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